Online Task for Commerce Students
An online task can be arranged for the students in order to make sure that they can better assess the importance of commerce. The students can be asked to think of an innovative product and create strategies to ensure their sales in the market. The inclusion of this activity in the curriculum will impact upon other disciplines such as marketing, management, mathematics and advertising. A case study will be provided in the study which will help the students to find the solution for the online assessment.
An apparel company, ABC in Australia which is operational since the year 2019 has been attracting lots of traffic but is not able to generate their estimated profit margins. The company has been failing to make unique business strategies in order to make sure that they can enhance their sales in the long run due to the current pandemic situation. Innovative measures have to be undertaken by the organization in order to make sure that it is important on the part of the company to make strategies to enhance their sales both on an online as well as on the offline platforms.
Step 1: Select a product of your choice from the given company in the case study.
Step 2: Make a list of your assets and liabilities and provide reasons as to why they will add to your benefits or loss. Identify the major
Step 3: As this is a group work, make detailed discussion reports along with your team members and make a rough draft before presenting the final measures in order to sell the product and make profit.
Step 4: Suggest innovative measures so that the products are being sold in the market which will bring about profits.
Step 5: Make the inclusion of commerce based theories which have already been taught in the classroom. Show the effectiveness of these theories with relevant examples.
Step 6: Make a detailed analysis of the estimated profits or loss that may be incurred.
Step 7: Give a detailed report of the aspects associated with the activity and state causes by doing a reflective analysis as to how this activity will be beneficial in real life.
There are a lot of theoretical approaches which can be applied for the given situation. Some of the theories may include the “Cost Transaction Theory”. This theoretical approach as suggested by Williamson in 1986 suggests that the optimum structure of economic efficiency can be achieved with the aid of minimization of the costs associated with exchange. As per this theory the major costs are associated with the transaction which in turn creates coordination costs which includes controlling, monitoring and management of transactions (Rindfleisch, 2020). This theory will play an important role in impacting and estimation of the net return that will be acquired by a company [Refer to Appendix 2].
Another theory that is important in the analysis of the business and the major aspects of the profit and loss margins is the “Competitive Advantage theory”. As per this theory the competitive advantage of a firm will grow as per the ability of a firm to create value for its customers. The value that the firm should create must be greater than the associated cost of the production of the products or services (Bel, 2018). The two major types of competitive advantage are cost leadership and differentiation. The competitive advantage theory is considered to be one of the most appropriate theories for this particular situation as it will help in the distinction of the company from its other competitors. This aspect will result in the company’s advantage at setting higher prices for their products, increased number of customers and their loyalty towards the brand. This theoretical approach will prove to be very beneficial to the company in attaining a greater margin of success [Refer to Appendix 3].
Steps to Create Effective Sales Strategies
The “Frictional Theory of Profit” can be said to be another theory which is applicable to this particular case study as it focuses on the sudden shocks or disturbances in a particular company which result in disequilibrium in the company (Bethune, Choi & Wright, 2020). The pandemic situation has affected the company suddenly which has affected its profit margins to a great extent. Therefore this state of disequilibrium has to be resolved in order to attain profit margins [Refer to Appendix 4].
Some of the most important business tools that will prove to be necessary for the business should include smart business decision making, implementing value overpricing softwares, profitability index, analysis of the profit margin ratios, and a lot more. The inclusion of these tools and theoretical approaches will ensure that the business action will be put to better use within the sphere of the company mentioned within the case study.
There are a lot of factors that have to be kept in mind in order to ensure that the company attains profit margins. The Theory of Competitive Advantage has to be majorly put to use in order to ensure that the company attains a greater margin of profit. The competitive advantage theory will ensure that the company provides better products than its competitors in order to ensure that they attain greater competitive advantage over them (Mumford & Dikilita?, 2020). The inclusion of competitive advantage in the organization will ensure that they can attain brand loyalty and which in turn will help the organization to branch out effectively.
The organization will have to focus on enhancing their assets and reduce their liabilities in order to make sure that they can achieve a greater competitive edge over the other existing companies. The inclusion of new technology will add to their assets which in turn will enhance the productivity margins positively (Lawrence et al., 2019). In the globalized world there is a lot of competition and therefore the company has to keep in mind a lot of factors and develop accordingly by taking one step at a time. Some of the major factors associated with competitive advantage are price, location, turnaround, service, speed and quality. All these factors have to be kept in mind in order to ensure that the productivity margins can be enhanced with full effect.
The utilization of several social media platforms in order to do a proper advertisement of the brand is said to be one of the most effective measures through which greater profit margins can be attained. The proper utilization of the technological assets can help the company to attain a lot of growth in the long run. The implementation of technological advancements such as AI will ensure that the ongoing processes are carried out more smoothly and there is a reduction in the costs associated with the manufacture of the products (Coles, 2017). The inclusion of proper leadership skills will also make sure that there is an increase in the profit of the company. Proper leadership techniques will equip the organization to deal with sudden changes due to changes in situation. The maintenance of customer loyalty is also very important so that the sales do not decrease during times of sudden changes. The company has to have financial backup so that they can bear sudden costs associated with their development (Harrison, Phillips & Freeman, 2020). It is very important on the part of the organization to get a better analysis of the strategies and plans adopted by their competitors so that they can attain a greater competitive edge over the other companies.
Theoretical Approaches to Enhancing Sales
Conclusion
This study includes a case study based on which a detailed analysis of the importance of commerce can be done. Various theories regarding the enhancement of profit margins along with several business tools in the company have been impacted upon through this study. An online activity has to be created by the students with the aid of the provided case study in order for the readers to get a better analysis of the importance of commerce. The relation of commerce with other disciplines has also been impacted upon in this study. Recommendations have been provided within this area of study for the readers to get a better understanding of the alternate activities that the company can adapt in order to cope with the sudden changes or situations of emergency. The inclusion of a detailed analysis of the case study will provide a clear insight into the necessity of commerce in the broader spectrum of our lives and its real life applicability with its relevance to other areas of discipline in the curriculum.
This subject, commerce is important to the students as it equips them to have skills in tackling issues in various arenas of commerce such as trading. This subject also provides the students with an idea of how to manage business aspects with great effect in order to ensure that greater profit can be attained.
The NESA (NSW Education Standards Authority) in Australia is one of the independent bodies of Education which directly reports to the Minister of Education and Early Childhood learning (Reeves, 201). Similarly, the Australian Curriculum, Assessment and Reporting Authority (ACARA) is another independent educational body in Australia. These bodies are responsible for the development of a curriculum which is national. These bodies have proved to be useful for the Australian students and the inclusion of commerce has been supported by these bodies in order for the students to get a better understanding of activities related to trade (Mockler, 2022).
The curriculum approaches and strategies that I have used in the classroom includes teaching the students with the inclusion of theories and models associated with commerce. The inclusion of case study and letting the students answer questions based on that has helped them to get a better understanding of the subject and the various factors associated with it.
The Universal Design for Learning (UDL) has been utilized by me in order to ensure that all the students attain a better understanding of the subject. The inclusion of UDL has ensured that all the students can attain better opportunities to succeed effectively. The utilization of this technique ensures that a flexibility is maintained while dealing with each student in the classroom (Griful et al., 2020). I have made use of a lot of theories such as the Theory of Competitive Advantage, Cost Transaction theory and the frictional Theory of Profit to help the students get a better analysis of the aspect of obtaining profit in a business (Shen, 2021). I have made the utilization of models and images for them to have a clear understanding of all the theories. A clear understanding of the models will help them to attain a better view of the application of commerce in real life.
Business Tools for the Company
The method of differentiation has been provided in the classroom in order for customization of the classes so that they can meet the demands of the students to ensure that they do not have any confusion in understanding the subject. This aspect is also known as “personalized learning” which will fill in the gaps in the understanding of the students (Suprayogi, Valckle & Godwin, 2017). This activity is a proactively planned, high-quality curriculum planning and is flexible which takes up a lot of time but proves to be useful in the long term.
The method of student feedback has helped the students to get a proper understanding of their areas of lacunas and in the same way teacher reporting has ensured that I can develop my skills of teaching in the classroom (Killingback et al., 2020). This method has proved to be beneficial in both ways and has therefore generated equilibrium in the classroom.
Online lesson sequence has several advantages as it is useful in suiting a wide variety of learning styles, it becomes easier for students to afford the lessons and attend all the important classes. The schedule becomes much more flexible than conducting tasks offline (Todd, 2020) However there are certain disadvantages which include social isolation, limitation of the feedback of the students, lack of face to face communication which causes issues in conducting the task, and a lot more (Ferri, Grifoni & Guzzo, 2020).
The online session is aimed to have enriched the knowledge of the students regarding commerce. The task will benefit the students in getting a better analysis of the real life events related to commerce (Shirsath, 2019). Its relation with other disciplines can also be assessed through this study. The major advantages as well as the disadvantages of the online task also have been focused upon within this segment of the study.
Reference List
Bel, R. (2018). A property rights theory of competitive advantage. Strategic Management Journal, 39(6), 1678-1703.
https://onlinelibrary.wiley.com/doi/abs/10.1002/smj.2707
Bethune, Z., Choi, M., & Wright, R. (2020). Frictional goods markets: Theory and applications. The Review of Economic Studies, 87(2), 691-720. https://academic.oup.com/restud/article-abstract/87/2/691/5570997
Coles, L. (2017). Social media for business: foolproof tips to help you promote your business or your brand. John Wiley & Sons.
https://books.google.co.in/books?hl=en&lr=&id=gYstDwAAQBAJ&oi=fnd&pg=PR9&dq=tips+to+increase+profit+in+business&ots=qraRB56oKL&sig=QDPDOS0XB9gAFNINCt_J2yRL6Bw&redir_esc=y#v=onepage&q&f=false
Ferri, F., Grifoni, P., & Guzzo, T. (2020). Online learning and emergency remote teaching: Opportunities and challenges in emergency situations. Societies, 10(4), 86. https://www.mdpi.com/2075-4698/10/4/86
Griful-Freixenet, J., Struyven, K., Vantieghem, W., & Gheyssens, E. (2020). Exploring the interrelationship between Universal Design for Learning (UDL) and Differentiated Instruction (DI): A systematic review. Educational Research Review, 29, 100306. https://www.sciencedirect.com/science/article/abs/pii/S1747938X19300193
Harrison, J. S., Phillips, R. A., & Freeman, R. E. (2020). On the 2019 business roundtable “statement on the purpose of a corporation”. Journal of Management, 46(7), 1223-1237. https://journals.sagepub.com/doi/abs/10.1177/0149206319892669
Killingback, C., Drury, D., Mahato, P., & Williams, J. (2020). Student feedback delivery modes: A qualitative study of student and lecturer views. Nurse Education Today, 84, 104237. https://www.sciencedirect.com/science/article/abs/pii/S0260691719308111
Lawrence, J. M., Crecelius, A. T., Scheer, L. K., & Patil, A. (2019). Multichannel strategies for managing the profitability of business-to-business customers. Journal of Marketing Research, 56(3), 479-497.
https://journals.sagepub.com/doi/abs/10.1177/0022243718816952
Mockler, N. (2022). Teacher professional learning under audit: Reconfiguring practice in an age of standards. Professional Development in Education, 48(1), 166-180. https://www.tandfonline.com/doi/abs/10.1080/19415257.2020.1720779
Mumford, S., & Dikilita?, K. (2020). Pre-service language teachers reflection development through online interaction in a hybrid learning course. Computers & Education, 144, 103706. https://www.sciencedirect.com/science/article/abs/pii/S0360131519302593
Reeves, B. (2021). Assessing ethical capability: a framework for supporting teacher judgement of student proficiency. The Australian Educational Researcher, 1-26. https://link.springer.com/article/10.1007/s13384-021-00442-y
Rindfleisch, A. (2020). Transaction cost theory: past, present and future. AMS Review, 10(1), 85-97.
https://link.springer.com/article/10.1007/s13162-019-00151-x
Shen, S. (2021, November). Intelligent Construction System of E-Commerce Training Base Based on Logistics Path Visualization. In 2021 Fifth International Conference on I-SMAC (IoT in Social, Mobile, Analytics and Cloud)(I-SMAC) (pp. 649-652). IEEE. https://ieeexplore.ieee.org/abstract/document/9640942/
Shirsath,M. K. New Opportunities In The Commerce Stream.
https://ijrbat.in/upload_papers/1010202009051615.%20Mangesh%20Kacharu%20Shirsath.pdf
Suprayogi, M. N., Valcke, M., & Godwin, R. (2017). Teachers and their implementation of differentiated instruction in the classroom. Teaching and Teacher Education, 67, 291-301. https://www.sciencedirect.com/science/article/abs/pii/S0742051X16303894
Todd, R. W. (2020). Teachers’ perceptions of the shift from the classroom to online teaching. International Journal of TESOL Studies, 2(2), 4-16.
https://www.tesolunion.org/attachments/files/8ZWJICNGM09MZE36MJY04ZDK5FYTNL3OGY1AZJK57ZJJIBNJCZFY2ZLDZGY13ZWYX8YZVM7MDZHFMWFJCNTM2BMWQW7LJK13MTA38NTKW4LMI3.pdf
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
